South African retailer Woolworths announced on Monday a new partnership with First Insight for its 'Next-Gen Retail Tech Platform'.
The Cape Town-based Woolworths said it has tapped the technology company to gather zero-party, voice of customer data and operationalize product testing for more efficient merchandising decisions in its womenswear division. This new partnership will other insights to guide the retailer's product investment, pricing, and marketing decisions.
“We are excited to be a global partner of Woolworths to help them leverage insights with the goal of serving their customers better,” said Greg Petro, CEO, First Insight. “Our proven data gives retailers and brands the insight and competitive advantage they need to offer their consumer better assortments at the right price.”
First Insight uses online social engagement tools to gather real-time customer preference, pricing, and sentiment data on potential product offerings. The information is filtered through the tech firm's proprietary analytic models to determine which products present the greatest risk and opportunity, according to a press release.
“We are excited about our partnership with First Insight as their research and data will provide us with valuable insights, to better service our customer needs through a more targeted merchandise selection,” said Roxanne Gillan, Woolworths’ general Manager, business development and innovation.
Woolworths portfolio includes Woolworths South Africa, which operates across 10 countries in sub-Saharan Africa. In addition, it operates Country Road Group based in Australia, which trades in Australia, New Zealand and South Africa.
